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TMI Blog2022 (5) TMI 657X X X X Extracts X X X X X X X X Extracts X X X X ..... : Atul Sharma, Advocate ORDER 1. It is brought to our notice that the Hon'ble NCLAT, vide its order dated 19.01.2022 in Company Appeal (AT) Insolvency No. 210 of 2021 filed by the Applicant-Operational Creditor, viz. Hardik Fakirchand Shah, Proprietor of Cotton Hub, has directed this Adjudicating Authority to admit the Corporate Debtor, viz., Male Square Retails Pvt. Ltd. into Corporate Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor of any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency and Bankruptcy Code, 2016 r.w. Regulation made thereunder: 5) The IRP shall perform all his functions as contemplated, inter-alia, by Sections 17, 18, 20 & 21 of the Code. It is further made clear that all personnel connected with Corporate Debtor, Its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor is directed to pay an advance of Rs. 1,00,000/- (Rupees One Lakh Only) to the IRP within two weeks from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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